Green energy stocks are making a comeback in spite of political headwinds

Data: Rystad Energy; Note: Index includes 83 public companies with a focus on clean energy; Chart: Axios VisualsGreen energy stocks are making a comeback despite political headwinds, according to data released this week by research firm Rystad Energy.Why it matters: Conventional wisdom suggests that clean-energy companies are down and out with President Trump repealing a raft of policies supporting them. But the stock reality says otherwise.By the numbers: The green energy index, a collection of 83 public companies in the cleantech space, is up by 40% this year, beating the total return of the S&P 500 by 25 percentage points.The trend is "leaving most upstream oil and market indexes in the dust," said Artem Abramov, deputy of analysis at Norway-based Rystad.Driving the news: The recent rally is being largely driven by a small handful of companies, including China's CATL and Bloom Energy. The latter has seen tailwinds thanks to AI power demand.Yes, but: The index lost nearly 60% of its value during 2022 and 2023, and this latest recovery remains about 40% short of the peak in 2021.Between the lines: This trend also doesn't capture the challenges that early-stage and private companies in this space are facing due to fewer government incentives, which are often vital to startups.What we're watching: To what extent the AI boom will keep this trend going.

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